Chinese Tycoon Fails to Buy New York Times
January 9, 2014  //  By:   //  Economy & Investing, News Briefs, Uncategorized, US News, World News  //  No Comment

If you plan to make an offer to buy The New York Times make sure you don’t tell every news publication first. Although the paper of record was never for sale, a wealthy Chinese businessman decided he couldn’t bear to not own the paper for just one more day. Chen Guangbiao—who owns a demolition and building materials recycling company in China and is known for his signature flashy philanthropy stunts—said at an award ceremony on December 30 that he wanted to buy the paper for $1 billion. The paper has a market value around $2.3 billion.

Though Guangbiao had no previous media experience he thought he could “bring more positive images and influence to contribute to world peace and make the world a better place.” Though pompous, you have to give the guy credit for raising the capital to make his dream happen.

Guangbiao told Forbes on Tuesday that the whole thing fell apart after he told media outlets about a scheduled meeting on January 5 with a “small shareholder” at the Times who he met through a Chinese-America friend. The shareholder was supposed to help him negotiate with the brass at the Times—namely Arthur Ochs Sulzberger, Jr. and his family. (Sam Schoenfeld – VNN) Image: wikipedia

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